Neva scouts for allies abroad

Firm intends to open exclusive outlets in the US, Europe

Neva Garments Ltd, a flagship company of the Rs 125 crore Duke group, is scouting for overseas business partners, particularly in the US and Europe, for opening of an exclusive outlet under the Neva brand, with an objective of consolidating its reach in the global markets.

"We are seeking alliance with like-minded and capable business partners in the US and Europe for opening outlets in these countries, where there is an immense potential for our products," Vishal Jain, director, Neva Garments Ltd said.

In order to give a fillip to the export wing, Neva has also set its eyes on new export markets including West Asia and the neighbouring countries.

"We are looking at Dubai, Sharjah, Abudhabi, Nepal, Sri Lanka and Bangladesh, where we have predicted a handsome growth for our products," Jain said.

Neva has also tied up with Euro Maxx Clothing Co, an American company, for providing technical assistance to the company.

"As per our agreement, Euro Maxx will keep us informed of the latest designs, packaging, style and fabric, used in the international markets. We will then customise these new developments in our products for better acceptability in the domestic market," Jain added.

Neva may also consider going for initial public offer (IPO) for expansion purposes. "If we feel the need to go public for diversification and expansion purposes, we would consider the idea," he said.

The company also plans to open 10 exclusive outlets under the Neva brand in the current financial year.

"At present we are sharing space with Duke outlets. We, however, plan to sell our garments through the Neva outlets. So we intend to open 10 new outlets in Delhi, Hyderabad and Jaipur this year," Jain added.

Neva has a dealer network of 2,500 and 150 distributors across the country. With a manufacturing capacity of 10,000 pieces per day, Neva is targeting a growth rate of 25-30 per cent in the current financial year.

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Business overseas

• In order to give a fillip to the export wing, Neva has also set its eyes on new export markets like West Asia and the neighbouring countries
• The firm has also tied up with Euro Maxx Clothing Co, an American company, for providing technical assistance to the company
• The company may also consider going for initial public offer (IPO) for expansion purposes
• The company also plans to open 10 exclusive outlets under the Neva brand in the current financial year